Economy June 9, 2016 | 10:04 am

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American Chamber of Commerce explains US anticorruption law

Santo Domingo.- The American Chamber of Commerce’s(AMCHAMDR) Legal Committee on Wednesday hosted the business breakfast "ForeignCorrupt Practices Act (FCPA): trends and challenges for businesses in theDominican Republic."

In his opening remarks, AMCHAMDR president Gustavo Tavaressaid the fight against corruption has been on AMCHAMDR’s agenda for decades.

"In the last two or three years we’ve emphasized its growingnegative influence on our competitiveness, our ability to strengtheninstitutions in increased investment and other key areas of nationaldevelopment. Our concern coincides with an increase in the trend ofmultinational companies, and now also in local companies in each country toadopt anti-corruption measures in their operations. This trend requires achange in corporate culture. Not only requires that companies don’t toleratebribes, but must also make a commitment to render records and informationaccurately and have effective internal controls to ensure compliance," Tavaressaid.

For his part, US ambassador James Brewster stressed the topic’simportance and the presence of the FBI’s international speaker.

The event featured prominent FBI Special Supervisory agent DanielKelly, corporate compliance expert and Squire Patton Boggs partner RebekahPoston, prosecutor Laura Guerrero, head of the Justice Ministry AnticorruptionDept., Progreso bank vice president of Compliance and Governance Julio Cross, andMaria Esther Fernandez, partner of Russin Vecchi & Heredia Bonetti and headof the AMCHAMDR Legal Committee, who served as moderator.

The AMCHAMDR event analyzed the US legislation and itsimpact on business through important details about its content, interpretation,enforcement and consequences.

“US companies, US citizens and of other countries that wantto do business with that nation through its financial system need to understandthe scope of the FCPA and know how to implement internal compliance programs tominimize risks,” the AMCHAMDR said in an emailed statement. Its impact was alsoshown through its achievements and progress, and recommendations on how to complywith its contents.

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